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Nigerian govt inaugurates MDGIF to slash LPG, CNG prices

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The Nigerian government has inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund to reduce the prices of Liquefied Petroleum Gas and Compressed Natural Gas in the country.

Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, who oversees the fund’s activities, disclosed this on Friday during the inauguration of the seven-member council in Abuja.

He noted that the fund aims to attract $575 billion in investments in the Nigerian gas sector.

“The President’s confidence in my ability to chair the MDGIF is not just a personal honour but a clarion call to service for all of us.

“The MDGIF is not merely a fund; it is a vehicle for progress, a conduit for prosperity, and a catalyst for sustainable development. This alignment should, in turn, lead to a tangible reduction in the prices of LPG and CNG, benefitting particularly the low-income earners in our society,” Ekpo stated.

Recall that President Bola Tinubu appointed a governing council to lead the Midstream and Downstream Gas Infrastructure Fund late last year.

As of February, Pmnews.ng reported that the prices of 12.5kg LPG in Nigeria stood between N9,699.50 to N13,040, depending on the location.

 

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